Foxconn Invests in New Energy Battery Subsidiary: Hon Hai Technology Group (Foxconn) has announced an investment of 600 million yuan ($83.48 million) in Foxconn New Energy Battery (Zhengzhou) Co Ltd. The investment will be conducted through its subsidiary, HongFuJin Precision Electronics (Zhengzhou) Co Ltd, which will first inject capital into Foxconn Innovation Industry Development Group Co Ltd. The latter will then channel the funds into the new energy battery company located in Zhengzhou, Henan Province. The world's leading electronics manufacturer stated that the total investment will be phased, with an initial capital injection of 350 million yuan. Foxconn plans to build a new business headquarters in Zhengzhou, housing Foxconn Innovation Industry Development Group Co Ltd, with a construction area of approximately 70,000 square meters in its first phase and an investment of 1 billion yuan. In April 2023, Foxconn launched the new business headquarters in Zhengzhou. Earlier this year, a Foxconn company related to the electric vehicle (EV) industry was established in the city, focusing on the production of key EV components, vehicle sales, and EV battery recycling. In July this year, Foxconn signed a strategic cooperation agreement with the Henan provincial government to accelerate projects in the new energy vehicle, energy storage battery, digital healthcare, and robotics industries.

By Xinhua